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Are there advantages to renting a home instead of buying one?

To rent or to buy: many Minnesota residents struggle with this important residential property decision. While some people prefer the flexibility of only being bound to a home for the duration of a lease agreement, others enjoy the autonomy that comes with home ownership. There are advantages to both housing paths, and this blog post will focus on the advantages of choosing to be a residential real estate renter.

Renting a home can be a good option for individuals who may not be able to afford to buy their own homes. A prior bankruptcy or serious problem with a person's credit may prevent the individual from getting approval for a home loan and mortgage. Additionally, renting can be a good choice for people who cannot be certain that their incomes are secure. If a person's income is variable, she may not be comfortable signing up for a fifteen or thirty year mortgage.

Even if a person can afford to buy a home, she may still enjoy the other benefits of renting. For example, many renters are not responsible for maintaining the properties that they live in. Their landlords generally handle the yard work, and interior and exterior care that the properties require. Not everyone likes taking care of real property and those who do not may prefer to rent over buying a home.

These are only a few of the reasons that a Minnesota resident may choose to rent a home over purchasing a home. However, even if a person only plans to rent a particular property for a short duration of time he should carefully review the contract terms of his lease agreement. Any questions that a party may have regarding such important details can be discussed with a real estate legal professional.

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